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Bitcoin is a decentralized electronic cryptocurrency created in 2008 by Satoshi Nakamoto. The word “decentralized” means that Bitcoin has no central servers for transaction processing or storage of funds. Emission of Bitcoins is limited as it cannot exceed 21 million Bitcoins. According to calculations Bitcoin production will end in 2140.
Bitcoin transactions and its emission are regulated by an extensive peer-to-peer network. Bitcoin uses a distributed public universal database spread through a decentralized peer-to-peer network that uses digital signatures and is supported by a proof-of-work protocol to ensure security and legitimacy of funds in use.
Bitcoin is the most widespread cryptocurrency. Its total market value is over $72.8 billion. One can exchange, buy or sell Bitcoins on many sites. Despite the fact that using Bitcoin does not formally require user identification, the currency is not completely anonymous.